Most people require some form of mortgage financing to make a home purchase a reality. That is why our team at Starboard Financial wants to help you make the best decision on your home loan. This is especially important because your home is one of the most valuable investments you can make. Here’s why:
When home values increase, you build equity in your home, which increases the net value of the asset. As a result, many homeowners are happy to hear that home values have increased. When you are purchasing a home, however, you want to make sure that you are securing the best mortgage financing based on your income and credit and that the home of your choice is within your range of affordability. Having a reputable and worthy mortgage team on your side can help you make the best decision no matter what the current real estate market looks like.
Home Values And Mortgage Rates
According to the Mortgage Reports, home values are currently on the rise. In fact, home values are currently at their highest level in almost a decade. For example, the median home value in the United States started at $223,000 in the first quarter of 2016, but then rose to $240,000 by the end of the second quarter. Experts predict that these values will continue to trend upward in the future. However, prospective buyers don’t need to feel discouraged. Homes are still affordable for most buyers in the United States thanks to low mortgage rates.
During the second quarter of 2016, mortgage rates reached their lowest point in three years and they came close to the record lows set in 2012. These lower rates help to compensate for rising home prices, which makes homes affordable for borrowers in most locations throughout the country.
Although current home prices are still affordable for buyers in the United States, the market can change if home values continue to increase and/or if mortgage rates go up. If you are planning to buy a home, you may want to consult with a mortgage lender soon to assess your current situation.
Contact Starboard Financial today to learn more about your mortgage financing options.